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Wed 7 May 2014 01:56 PM

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Former Shuaa Capital chief joins crowdinvesting platform

Financial heavyweight Sameer Al Ansari is named as latest board member and shareholder of Eureeca

Former Shuaa Capital chief joins crowdinvesting platform
Sameer Al Ansari, the founder of PE Plus and the former chairman of Dubai International Capital and CEO of Shuaa Capital.

Crowdinvesting platform Eureeca said on Wednesday that Sameer Al Ansari, the founder of PE Plus and the former chairman of Dubai International Capital and CEO of Shuaa Capital, has joined the company as a board director

Al Ansari, who also sits on the Boards of Dubai International Financial Centre Authority, Hawkamah Institute of Corporate Governance and Cedrus Bank, becomes the company’s sixth board member.

Al Ansari has also become a shareholder in Eureeca, aligning his board position with the performance of the company, Eureeca said in a statement.

Since its launch in May 2013, Eureeca said it has made "substantial progress" by registering over 5,000 investors and receiving over 400 applications from companies looking to raise capital.

Following extensive due diligence, Eureeca has accepted 17 listing applications from a range of countries including the UAE, Jordan and Egypt, with eight of these businesses successfully meeting or exceeding their funding targets.

Eureeca said it was the first crowdinvestment platform to globally cross borders – allowing for growth businesses to raise capital from a crowd of investors around the world.

Al Ansari said: “Crowdinvesting is a new era of finance and is fast becoming an increasingly important component of the funding mix. It is an exciting new way for companies to raise capital, allowing them to fund growth, scale their businesses and stimulate local economies.

"I look forward to working with the board and the management team to expand upon Eureeca’s global reach.”

Sam Quawasmi, MD and co-founder of Eureeca, added: “Sameer is one of the region’s most prominent figures in finance and brings with him a wealth of experience across the industry both within the region and internationally.

"By backing Eureeca, Sameer showcases and re-emphasizes the true power of Eureeca’s business model... As we scale our operations internationally, Eureeca will benefit from Sameer’s extensive network and relationships as well as his private equity investing and strategic global experience.”

Al Ansari joins a board that includes Dr Nasser Saidi, former DIFC chief economist, and Bruce Armstrong, former chief financial officer at NYMEX Europe.

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